674# Forex Millionaire RSI
RSI Trend Trading
Trend Momentum Trading System
Submit by Lorenz
Forexmillionaire RSI is a trend momentum trading system based only on two indicators one of trend direction (based on smooth moving averages) and one of timing based on RSI. The idea of this strategy comes from binary options systems. Forex Millionaire RSI is suitable for day trading.
The Forex Millionaire indicator it can only be used at 1 min time frame. buy green dots (entry on retracement), sell red dots entry on the retracement of the price.
Time Frame 1 min, 5 min, 15 min.
Currecncy pairs Majors and minors
Sessions: London and New York.
Metatrader 4 indicators:
Forex Millionaire indicator MT4
RSI Signal, period 7 (30, 70) timing of entry.
Trading rules Forex Millionaire RSI 5 min or higher
Trades only in direction of the trend:
Trend up= red dots
Trend down = red dots
Green dots +Arrow buy of RSI signal.
Red dots + arrow sell of RSI signal
Place initial stop loss n.pips above below the entry bar.
Exit position at opposite arrow, with predetermined profit target, close all opened position whe forex Milllionaire indicator changes direction.
Trading rules Forex Millionaire 1 min scalping
You can use this method als atother time frame.
Green dots, entry in the market at tthe first retracement of the price, You can use fibonacci retracement.
Red dots, entry in the market at tthe first retracement of the price, You can use fibonacci retracement.
Exit position when Forex Millionare indicator changes direction or with predetermined profit target that dependes by currecy pairs and volatility of the pair (for example EUR/USD 10 pips, USD/JPY 12 pips, EUR/JPY 13 pips, GBP/USD 15 pips.)
Both methods have good profitability and are successful.
In the pictures Forex Millionaire RSI in action.
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